Single family homebuilder confidence in August rose three points to 59 nationwide, according to the National Association of Home Builders/Wells Fargo Housing Market Index. August reflects the fourth monthly gain and reflects the highest level the index has reported in eight years. The HMI's three-month moving average for the West region was up six points, to 57.

NAHB Chair Rick Judman said, "Builders are seeing more motivated buyers walk through their doors than they have in quite some time. Firming home prices and thinning inventories of homes for sale are contributing to a continued sense of urgency among those who are in the market."

"Builder confidence continues to strengthen, along with rising demand for a limited supply of new and existing homes in most local markets," observed David Crowe, NAHB chief economist. "However, this positive momentum is being slowed by the ongoing headwinds of tight credit and low supplies of finished lots and labor."

The NAHB/Wells Fargo HMI is the product of NAHB Economics and is not seen or influenced by any outside party before being released to the public. Read more on housing statistics or check out the HMI tables.

 

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